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Bill would allow private entities to bet on sports

CARSON CITY, Nev. (AP) -- The chief executive of Nevada's largest sports book operator says millions of dollars in revenue could be tapped by allowing private investment groups to place sports wagers.

Lee Amaitis of Cantor Gaming testified in favor of a bill that would allow "entities" to be formed and authorized in Nevada to make sports bets.

Nevada holds a monopoly on sports wagering under a 1992 federal law that banned sports betting in all states except those that didn't already allow it. But supporters say how long Nevada enjoys that distinction is anyone's guess. They also point to an estimated $380 billion bet illegally on sports each year in the United States.

The bill would require anyone involved in betting entities, from officers to customers, to be screened by regulators.